What is Antilles Gold's proposed solution to lift US sanctions on its Cuban gold mine project?

Antilles Gold Ltd. has submitted a proposal to the US Department of State offering to hand over a controlling interest in its joint venture vehicle, Minera La Victoria SA, to an 'acceptable US investor or investors'—a move intended to secure the lifting of US sanctions that forced the shutdown of the Nueva Sabana gold and copper mine. The company holds a 50% stake in Minera La Victoria SA, which it operates jointly with Cuban state-owned GeoMinera SA, the entity sanctioned by the US in June. Antilles emphasized that implementation would require direct engagement by a prospective US investor with the Department of State for approval, shareholder approval from Antilles Gold, and consent from Cuban authorities for the change of control.

Why was the Nueva Sabana mine shut down, and what role does GeoMinera SA play in the project?

The Nueva Sabana gold and copper mine was shut down because the US sanctioned GeoMinera SA—a Cuban state-owned enterprise and Antilles Gold’s joint venture partner—in June. Antilles Gold holds a 50% stake in Minera La Victoria SA, the joint venture vehicle through which it is developing the mine alongside GeoMinera SA; thus, the sanctions imposed on GeoMinera directly impacted the project’s viability under US regulatory constraints, prompting Antilles’ proposal to restructure ownership to comply with US requirements.

Antilles Pitches US Buyer Plan for Sanctioned Cuba Gold Mine

Jul 6, 2026

Antilles Gold offers to sell a controlling stake in its sanctioned Cuba gold and copper mine to a US investor to lift sanctions, mirroring a similar strategy adopted by Sherritt International.

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